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What is financial literacy

Financial literacy is the level of knowledge about finance, personal savings and how to manage them. In this article, we will talk about the basics of financial literacy that will help you become financially independent and manage your money wisely.

Always spend less than you earn

You spend whatever you earn. No reserves are formed. Housing problems are solved by attracting a maximum loan, which increases interest costs and lowers the standard of living.

Try to buy what is more expensive

You often buy out of emotion and then don't use the purchased items. Many purchases are made using loans, including consumer loans with the highest interest. You do not work for yourself, but for the banks.

Consider not only the cost of the item, but also the cost of its maintenance.

You basically want to buy a foreign car without considering buying a domestic car. You need a 3-room apartment right away, but a 1-room one does not suit you.

Financial reserves

Any person needs to have reserves that can be spent in case of force majeure situations. The minimum amount of reserves is 6 months income. Optimal - income for 1 year. This amount of reserves will allow you to comfortably cope with temporary difficulties or change your profession if necessary. If you are planning to have a child, the amount of reserves should be increased. You will not be able to fully work for some time, while your costs may increase significantly due to the addition to the family.

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